As the 23rd edition of this yearly publication, it provides a compass to guide you through the current financial market turmoil. The 400-plus page book contains analysis and perspectives on the performance of the industry in 2008 and projections for 2009 and beyond.

The biotech industry has had nearly 40 years of easy access to inexpensive capital. The capital markets have permanently restructured, making access to capital more difficult and expensive to access. The changes mean:

Buy-side interest and resources are reduced.

Venture capitalist and private investors no longer can rely on IPOs for exits.

Big Pharma is not as eager to make deals. As these companies see it, technology will be cheaper to buy if they wait.

"A sea change has occurred in the industry. After havingmore than 40 years of easyaccess to inexpensive capital, the rules of the game have changed. The capital markets
have permanently restructured, making capital more difficult and expensive to secure. Finance has been the
industry’s umbilical cord. But the collapse of financial institutions choked this cord and has left many private and public biotech companies on life support.

As a result, 2009 will be very challenging as we come
to terms with an environment that is unfamiliar to us all.
For those who have been in the industry since its inception,
we have experienced several market meltdowns and
lived to tell the tale. But even the most positive among us
realizes that this market downturn is different and will be
difficult to overcome because of the magnitude of the global economic problems."

—G. Steven Burrill, Chief Executive Officer, Burrill & Company

"Toss away your old playbook. It won't work today. The healthcare world is changing rapidly, and the pharmaceutical industry along with it. Fortunately, Burrill & Company's insights will provide you with a new playbook that will get you through these difficult times."